(MENAFN- Arab Times) The combined budgets of Kuwaiti local banks amounted to roughly KD 57.7 billion (around $190.2 billion) in May 2015, up KD 832 million ($2.7 billion) or 1.5 percent over April's figure, an economic report showed here Sunday. The annual growth of local banks' combined budgets hit around KD 3.3 billion (about $10.8 billion or 6 percent in May, compared with KD 54.4 billion (around $179.4 billion) in May 2014, said the report compiled by the Kuwait Finance House (KFH), also known as Baitak.
The deposits of public and private sectors in local banks edged up by KD 1. 6 billion (around $2.5 billion) or 4.4 percent on an annual basis, recording KD 39.6 billion (about $130.5 billion) in May. Their monthly growth improved up to 1.2 percent compared to last April, it said. Forming a key source of money for local banks, deposits made up 68.6 percent of the total combined budgets in May and April, compared with 71.6 percent in May 2014, the report pointed out. The private sector's deposits hit roughly KD 34.2 billion (about $112.7 billion) in May, compared with KD 32.5 billion (around 107.1 billion) in April, up 1 percent, it said. The public sector's deposits reached KD 5.4 billion (around $17.8 billion) in May, compared with KD 5.2 billion (about $17.1 billion) in April up 3.3 percent, the report added.
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